Officials at the signing ceremony.
Business Bureau, Gulf Today
Eagle Hills Diyar, the developer behind Bahrain’s iconic waterfront project Marassi Al Bahrain, has signed an agreement with a syndicate of banks from UAE and Bahrain for $374 million to finance the construction of Marassi Galleria, Address Hotel and VIDA Hotel.
The syndicated financing underscores the banks’ confidence in the strength and success of the developments, and highlights Eagle Hill Diyar’s objective to cooperate with key GCC financial institutions.
The agreement was signed by Low Ping, CEO, Eagle Hills, Dr. Maher Al Shaer, Managing Director, Eagle Hills Diyar and a representative from each of the banks comprising First Abu Dhabi Bank, Emirates NBD Bank PJSC, Abu Dhabi Commercial Bank, Al Salam Bank Bahrain, Kuwait Finance House, Khaleeji Commercial Bank and First Energy Bank.
Commenting on the occasion, Low Ping, CEO of Eagle Hills, said: “The signing of this agreement with leading banks in the UAE and Bahrain is testament to the significance of our developments on a regional level. This is a step forward towards achieving Eagle Hill’s mission of becoming the global provider of quality lifestyle communities and iconic destinations. Marassi Al Bahrain is set to fulfil a demand for more hospitality, leisure and shopping options in the Kingdom of Bahrain and become one of the Kingdom’s primary tourism hubs.”
Dr. Maher Al Shaer, Managing Director, Eagle Hills Diyar, said: “We are pleased to enter into this agreement with some of the most elite banks from the UAE and Bahrain. The syndicated financing will support our efforts in developing Marassi Galleria, which is expected to become a major shopping and entertainment destination in the Kingdom of Bahrain, as well as VIDA Hotel and Address Hotel, two world-class hotel brands. This move will bring us closer to the completion of some of the Kingdom’s most anticipated entertainment and residential offerings.”
“Construction on site is progressing at full pace with Basement works already completed and the Mall Envelope expected to be ready by July 2020. We also foresee that tenants will be able to commence the fit-out work of their units from Q3 2020”, he added.
Marassi Al Bahrain represents a remarkable addition to Bahrain’s real estate landscape and a key contributor to the national economy. Upon completion, the development will be home to 22,000 people, feature 6,000 residences and have a total retail space of 245,000 sqm. The unique project comprises a range of residential components, such as Marassi Residences, Marassi Shores Residences and Marassi Boulevard in addition to Marassi Galleria, the 200,000 sqm shopping and entertainment destination which will offer a range of entertainment facilities. The development will also provide access to a 2km promenade and 1 km beach with waterfront retail outlets and an F&B boulevard.
Eagle Hills is an Abu Dhabi-based private real estate investment and development company focused on the development of new city hubs in high-growth international markets. With a focus on developing large-scale real estate projects, Eagle Hills designs and builds mixed-use facilities. These communities draw on the latest technologies to build smart and sustainable projects that add significant value to the local economy. The company is currently developing projects in Bahrain, Jordan, Morocco, UAE, Oman, Ethiopia, Croatia, Greece and Serbia.
Marassi Al Bahrain is a distinguished urban project by Eagle Hills, a private real estate investment and development company, headquartered in Abu Dhabi, as part of a joint venture agreement with Diyar Al Muharraq, the developer of mega-project Diyar Al Muharraq.
In another development, Deyaar Owners Association Management (DOAM) celebrated its 10th year of delivering optimum results for homeowners in the UAE, at an event attended by Government officials, senior representatives from the company, and its service provider partners.
Present at the event were representatives from Dubai Land departments and RERA; Saeed Al Qatami, CEO of Deyaar; an Mpower representative, DOAM employees and other stakeholders.
Speaking at the event, Saeed Al Qatami said: “DOAM was established in order to provide a more comprehensive solution for the residents of our developments. Our services have extended over the years to include a much wider clientele, with whom DOAM works diligently to ensure the well-being of communities, while protecting and enhancing the value of properties and assets to the benefit of property owners. We are thrilled with the successes and progress of DOAM over the last decade and look forward to another decade of positive growth.”
A subsidiary of Deyaar Development (Deyaar), one of Dubai’s leading property developers and real estate service providers, DOAM has built its portfolio over the past decade to include 25 Owners Associations and 17 utilities management projects, almost 8,000 units and over thirteen million square feet of build-up area.